If your Philips DVP642 DVD Player does not turn on, but your standby light is flashing, a failed capacitor might be your problem. The C316 capacitor is a very common fault on this model Philips, but it may not be the fault with yours. This guide should help you determine if this fix is for you.
Replacing the capacitor is easy and cheap. Your local Radioshack should have them in the store or you can purchase them online for about $.20 (digikey.com, mouser.com, jameco.com)